Ohio Insurance Laws and Regulations Practice Exam

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Prepare for the Ohio Insurance Laws Exam. Study with comprehensive materials, including flashcards and quizzes. Each question is detailed with explanations. Set yourself up for success!

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Carole is a licensed agent who lives in Michigan and transacts insurance in Ohio. What is this considered?

Illegal activity
Nonresident agent
Dual agency
Broker activity

The correct answer is: Nonresident agent

Carole is considered to be a nonresident agent because she is licensed in Michigan and performing insurance transactions in Ohio. Option A, illegal activity, is incorrect as it is not illegal for Carole to transact insurance in Ohio while residing in Michigan. Option C, dual agency, and Option D, broker activity, are also incorrect as they refer to different types of agency roles that do not apply in this situation. Option B is the most accurate answer because Carole is acting as an agent in a state where she is not a resident.